Walking canes are well known and used by people who need a degree of assistance while walking, especially on uneven terrain. They traditionally consist of a rigid shaft terminating at the top end in a handle and at the bottom end in a resilient foot. In order to make canes easier to store and transport when not in use, some manufacturers have designed canes that are made of a plurality of hollow shaft pieces which are connected to each other by an elastic cord located within the hollow portion of each shaft member. Each shaft member includes a reduced diameter bottom end that can slide into the normal diameter of the top end allowing the shaft members to become parallel with each other and forming one continuous shaft that is used as a cane. Although the ability to fold the cane is advantageous, there can be difficulty when the user wants to pull the shaft pieces apart because the smaller diameter end of one shaft piece can frictionally lodge itself into the larger diameter end of the adjoining shaft piece making the shaft pieces difficult to detach from each other. This is especially true when the user has arthritis or another ailment that may reduce his or her physical ability to detach the shaft pieces from each other. Additionally, there is no easy way to hold the folded pieces together because the elastic cord does not provide a stable hinge point for the shaft pieces to automatically rest next to each other when folded, thereby causing potential inconvenience to the user or causing the user to need an additional strap or enclosure to retain the folded cane.